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• ;tea: : , mQ, ;d ®,• ::„els, I _.. - .. - _ _ ,...... <br /> ■ Estimating value of the subject property using the applicable approaches of <br /> value - the Cost, Inpome and Sales Comparison Approaches (F). <br /> or Reconciliation of each value estimate to arrive at a final estimate of value (G) <br /> ' <br /> • Reporting estimate(s) of value(s) as defined (H). <br /> i and approved All work performed by Georgine Gleason has been reviewed pp by C. <br /> Spencer Powell, MAI. <br /> DEFINMON OF MARKET VALUE <br /> This definition is in compliance with the OCC (Office of the Comptroller of the <br /> Currency), FDIC (Federal Deposit Insurance Corporation), FIRREA (Federal Institutions <br /> Reforms, Recovery, and Enforcement Act), and USPAP (Uniform Standards of <br /> Professional Appraisal Practice) as .adopted by the Appraisal Foundation and the <br /> Appraisal Institute. <br /> Market Value, as defined by the Uniform Standards of Professional Appraisal Practice, <br /> 2005 Edition, is: <br /> "The most probable price which a property should bring in a competitive and open <br /> market under ail conditions requisite to a fair sale, the buyer and seller each acting <br /> prudently and knowledgeably, and assuming the price is not affected by undue <br /> stimulus. Implicit in this definition are the consummation of a. sale as of a specified <br /> date and the passing of title from seller to buyer under conditions whereby: <br /> 1. Buyer and seller are typically motivated; <br /> 2. Both parties are well informed or well advised, and acting in what they <br /> consider their best interests; <br /> 3. .A reasonable time is allowed for exposure in the open market; <br /> 4. Payment is made in terms of cash in United States dollars or in terms of <br /> financial arrangements comparable thereto; and <br /> 5. The price represents the normal consideration for the property sold <br /> unaffected by special or creative financing or sales concessions granted by <br /> anyone associated with the sale)" <br /> The federal definition of Market Value, as defined by the United States Department of <br /> Justice, is as follows: <br /> "Market value is the amount in cash, or on terms reasonably equivalent to cash, <br /> for which in all probability the property would have sold on the effective date of <br /> the appraisal, .after a reasonable exposure time on the open competitive <br /> market, from a willing and reasonably knowledgeable seller to a willing and <br /> reasonably knowledgeable buyer, with neither acting under any compulsion to <br /> buy or sell, giving due consideration to all available economic uses of the <br /> property at the time of the appraisal. " <br /> 1 Uniform Standards of Professional Appraisal Practice, 2005 Edition, Appraisal Standards Board of the <br /> Appraisal Foundation. - <br /> 2 Legal Documents - Uniform Appraisal Standards for Federal Land Acquisitions, United States Department <br /> of Justice, http: / /www.usdoj,gov /enrd /land -ack /data partl.htm <br />